<p>My parents usually do their taxes immediately. Usually before February 5. As soon as they get all of the forms from their employers, they file our taxes. However, is there any benefit to estimating the FAFSA on January 1 and then fixing it like the first week of February? Or can I just file it normally the first week of February and still get the same financial aid?</p>
<p>If you are hoping for SEOG money, perkins loans, school aid or some state aid, it can run out. Work study too. A school often gives this out First come, first served. </p>
<p>They don’t run out of Pell or Stafford loan money.</p>
<p>How much of a pain is it to estimate on January 1 and then fix it later?</p>
<p>Amending the FAFSA is very easy. You simply go back into the FAFSA you filed, correct the fields that reflect the numbers on your completed tax return, and resubmit to all of your colleges.</p>
<p>Sounds good. Looks like I’ll be filing with estimated data on January 1.</p>
<p>I don’t know if your parents get paid biweekly or monthly, but our last paycheck for 2014 for example will arrive by 12/19. They should know by Dec 31 how much their YTD income was according to their paystub, which ideally should match what the W2 will say. So that should give a good starting point for the FASFA without really having to estimate.</p>
<p>Oh forgot to add if the paystub only shows gross income then to get the Federal income number you need to subtract any pretax medical premium deductions, 401k deductions. But the 401k deductions later have to be listed on the FASFA again I think since they will be added to AGI.</p>
<p>Most last pay stubs have year to date taxes, and deductions listed on them. Those can be a help too.</p>
<p>Many employers use automated payroll systems. An employee can get all the necessary info from the online system at any time. </p>